Ellie Mae’s common stock price dropped nearly 17% on Friday as investors reacted to the
At one point, the stock was down more than $6 per share, before a small rebound cut the loss to $4.87 per share, to $24.03.
There were 10 members of the Mortgage Industry Equity Composite which closed lower on Friday. KB Home was down 2.18%, while Astoria Financial was down 1.36%.
Redwood Trust was up 1.88%, followed by PHH, up 1.08%, and PennyMac Mortgage Investment Trust, up 0.78%.
Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, according to a survey of 1,000 mortgage holders.
In other news, Better Mortgage completed warehouse renewals and Wolters Kluwer provided a new form of access to its digital vault platform for secured parties.
A United Wholesale Mortgage executive stepped in to defend a claim against the company, as consumers pelt the industry with more spam call complaints.
Adam Boyd, a veteran financial services executive with more than 25 years of experience, will head the growth of Rate's consumer lending platform.
Washington State charged Newrez after a consumer investigation, with the notice following recent enforcement action against Luminate Home Loans.
Mike Kortas will be adding a separate mortgage servicing company and hiring NEXA loan officers to assist with the process and give them customer insights.
